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Micron Technology (NASDAQ: MU) delivered a stronger-than-expected fiscal third-quarter performance and issued an optimistic outlook for the fourth quarter, sending its shares up nearly 9% in after-hours trading. The company continues to benefit from booming artificial intelligence (AI) demand, which is driving significant growth in the memory chip market.
For the fiscal fourth quarter, Micron forecast revenue between $49 billion and $51 billion, significantly exceeding Wall Street’s consensus estimate of $43.24 billion. The company also projected earnings per share (EPS) of $30.00 to $32.00, well above analysts’ expectations of $25.31 per share.
During the quarter ended May 28, Micron reported adjusted EPS of $25.11, surpassing the market forecast of $20.49. Revenue reached a record $41.46 billion, beating analyst estimates of $35.69 billion and rising sharply from $9.30 billion recorded in the same period last year.
The memory chipmaker has been one of the biggest beneficiaries of the AI boom. Strong demand from data centers and limited industry supply have helped drive higher prices for memory products used in servers, smartphones, laptops, and other consumer electronics. Micron’s memory solutions are critical components for AI systems powered by companies such as NVIDIA (NASDAQ: NVDA) and Alphabet (NASDAQ: GOOGL).
Commenting on the results, Chairman, President, and CEO Sanjay Mehrotra said the company’s record financial performance highlights the growing importance of memory technology in the AI era. He noted that Micron is making substantial investments in advanced technology, manufacturing capacity, and supply expansion to meet increasing customer demand. The company also expects its long-term strategic customer agreements to improve revenue visibility and financial stability.
Micron highlighted continued progress across its AI-focused product lineup, including high-volume shipments of HBM4 memory, development of next-generation HBM4E products, and expanded production of advanced SSDs and LPDDR5X memory solutions.
The company invested $7.1 billion in capital expenditures during the quarter and generated adjusted free cash flow of $18.3 billion. Micron also declared a quarterly dividend of $0.15 per share, payable on July 21.
With AI infrastructure spending continuing to accelerate globally, Micron remains well-positioned to capitalize on rising demand for high-performance memory and storage solutions, reinforcing its growth outlook for the coming quarters.
